"After all, there's a guaranteed amount of money coming each month once you claim Social Security, and those benefits increase over time when prices rise due to inflation. And, unlike your savings, you don't have to worry that you'll outlive your Social Security benefits. Since this income source is such a good one, being strategic about when to claim Social Security can make a huge impact on your finances."
"The age when you claim Social Security matters a lot, because that claiming age can impact: How much income your benefits provide monthly and for your lifetime Survivor benefits received by your widow or widower if you pass away first and have earned more than your partner Whether you are allowed to work while you collect Social Security without risking some of your benefits disappearing"
Social Security provides guaranteed monthly income that adjusts for inflation and cannot be outlived. Claiming age between 62 and 70 determines monthly benefit size, total lifetime income, survivor benefits for a spouse, and whether earnings can reduce benefits. Benefits increase for every month claiming is delayed up to age 70, with no advantage to waiting beyond 70. Delaying increases monthly amounts but forgoes income received while waiting and risks leaving benefits uncollected if death occurs before claiming. Financial advisors can help evaluate personal variables to choose an optimal claiming age.
Read at 24/7 Wall St.
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